Agree Realty Corporation (NYSE:ADC) Q2 2023 Earnings Conference Call August 2, 2023 9:00 AM ET

Corporate Participants

Brian Hawthorne - Director, Corporate Finance

Joey Agree - President & Chief Executive Officer

Peter Coughenour - Chief Financial Officer

Conference Call Participants

Eric Wolfe - Citi

Brad Heffern - RBC

Haendel St. Juste - Mizuho

Rob Stevenson - Janney

Ki Bin Kim - Truist

Wes Golladay - Baird

Ronald Kamdem - Morgan Stanley

Linda Tsai - Jefferies

Operator

Good day, and welcome to the Agree Realty Second Quarter 2023 Conference Call. All participants today will be in a listen-only mode. [Operator Instructions]. Note today's event is being recorded.

I would now like to turn the conference over to Brian Hawthorne, Director of Corporate Finance. Brian, please go ahead.

Brian Hawthorne

Thank you. Good morning, everyone, and thank you for joining us for Agree Realty's second quarter 2023 earnings call.

Before turning the call over to Joey and Peter to discuss our results for the quarter, let me first run through the cautionary language. Please note that during this call, we will make certain statements that may be considered forward-looking under federal securities law. Our actual results may differ significantly from the matters discussed in any forward-looking statements for a number of reasons. Please see yesterday's earnings release and our SEC filings, including our latest annual report on Form 10-K for a discussion of various risks and uncertainties underlying our forward-looking statements.

In addition, we discuss non-GAAP financial measures, including core funds from operations or core FFO, adjusted funds from operations or AFFO, and net debt to recurring EBITDA. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in our earnings release, website and SEC filings.

I'll now turn the call over to Joey.

Joey Agree

Thanks, Brian, and thank you all for joining us this morning.

This quarter we celebrated several notable milestones for our company, we surpassed the 2000 property mark in 49 states adding Alaska to our geographic reach. Our tremendous team has now doubled the size of our portfolio in less than three years. Additionally, we have completed and moved into our new state-of-the-art headquarters to support our continued growth. The building includes cutting-edge technology, a wellness center, locker rooms, an auditorium, a coffee bar, outdoor spaces, and other collaborative meeting areas. We've incorporated a number of environmentally friendly features anticipate that the building will achieve LEED certification in the near future.